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Market News

Home Prices and Sales Increase Despite Low Inventory

February 27, 2024

NWMLS Market Update / January 2024

Real estate market activity has remained slow in accordance with typical seasonal patterns. Interest rates held steady through the month of January to end at 6.69%. For the Washington counties covered by the NWMLS, January 2024 saw a 3% increase in closed sales transactions year-over-year, an improvement from December 2023’s year-over-year change in closed sales transactions, which was a decrease of 11%.

Overall, the median price for residential homes and condominiums sold in January 2024 was $593,500, up 6.5% when compared to January 2023 ($557,250). Watch the videos below to see the statistics broken down for King and Snohomish County.

Snohomish County

King County

If you’re considering listing your home for sale or are curious about what your home may be worth in this market, click here to learn more.

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